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Updated almost 13 years ago on . Most recent reply
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- Rental Property Investor
- memphis, TN
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Successful bidding on HUD's requires being consistent
I know that every market is different and our markets, Dallas and Memphis, are unique in a lot of ways, but I wanted to share a recent bid that we won to illustrate being consistent. We identify hundreds of homes to bid on each month and consistently bid on them every day at the price we will pay regardless of listing.
Yesterday we won a HUD home that we bid exactly 49% of list price on. We made the exact same dollar bid every day for 60 straight days and were told no every day. We watched the price inch down little by little and on day 61 it was listed at 85% of its original price and we bid 49% of original price again.
The 61st time we submitted the bid that we knew we had to pay for it to be a good deal for us and one of our clients, HUD accepted the offer. Nothing had changed in terms of closing date, deposit or bid and we bought it at half price.
If you are willing to be patient and consistently make offers, you can buy HUD's well below list price.
- Chris Clothier
- Podcast Guest on Show #224
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- Rental Property Investor
- memphis, TN
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Hey Ken Latchers, I guess I wasn't clear enough when I first posted it. I'm not asking for evaluation on the deal. I'm pretty sure we have that part down now.
There are always questions on here about how much HUD will discount a property. In some markets, HUD properties sell above list price. In others they sell well below list price. We see a lot of skeptical comments from HUD buyers on here because their city is different. The other questions we get are from people who get their offer rejected and then give up.
Jonathan Sher - the property in its present condition is worth what they are listing it at in a normal market. But as we all know, this is not a normal market. So it was not listed too high, there just are not a lot of aggressive buyers and many give up after submitting a few offers or move on to other deals. We have a system to keep making those offers each day on properties we really want.
- Chris Clothier
- Podcast Guest on Show #224
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